IFIAR THOUGHT PAPERS
Please click here for the IFIAR paper on Audit Committees and Audit Quality: Trends and Possible Areas for Further Consideration.

IFIAR OUTREACH REFERENCE GUIDE
The IFIAR Outreach Reference Guide has been created to share key principles identified by IFIAR to ensure adequate safeguards and regulatory independence in the establishment of public oversight systems of non-IFIAR member jurisdictions. Given the global nature of business and trade, IFIAR Members and non-members all benefit from consistent and strong audit oversight. The Reference Guide can be downloaded here.

MULTILATERAL MEMORANDUM OF UNDERSTANDING CONCERNING CO-OPERATION IN THE EXCHANGE OF INFORMATION FOR AUDIT OVERSIGHT
On Tuesday June 30, 2015 the MMOU was approved by the IFIAR Membership. The MMOU enables and strengthens the cooperation amongst IFIAR Members. Members can apply for signing the MMOU, and will be subject to an assessment prior to being able to join the MMOU. The MMOU can be downloaded here.

The Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finance of the Republic of Lithuania (AAAPVIM)

Lithuania*

April 4, 2017

Commission de Surveillance du Secteur Financier (CSSF)

Luxembourg*

April 4, 2017

Audit Oversight Board Malaysia

Malaysia

April 4, 2017

Dutch Authority for the Financial Markets (AFM)

The Netherlands*

April 4, 2017

Financial Markets Authority (FMA)

New Zealand

April 4, 2017

Úrad pre dohľad nad výkonom auditu (UDVA)

Slovakia*

April 4, 2017

Federal Audit Oversight Authority (FAOA)

Switzerland

April 4, 2017

Public Oversight, Accounting and Auditing Standards Authority (POA)

Turkey

April 4, 2017

Financial Reporting Council (FRC)

United Kingdom*

April 4, 2017

Public Company Accounting Oversight Board (PCAOB)

United States

April 4, 2017

The Members marked with an * are EU/EEA Parties. They have informed the other Parties that an EU/EEA Party only enters into a working arrangement for information exchange and shares certain information with non-EU/EEA regulators after – and as long as – the European Commission (EC) declares that regulator adequate for the purposes of Article 47 of Directive 2006/43/EC (see website EC). Since that adequacy assessment is done by the EC before the MMOU is effective between an EU/EEA Party and a non-EU/EEA Party, the requirement is covered by the EU/EEA Parties signing with a non-application clause whereby the MMOU as a whole would not be effective as between an EU/EEA Party and any non-EU/EEA Party that had not been declared adequate by the EC. This means that the MMOU does not apply in relation to ‘non-adequate third country’ Parties regarding information under the scope of Article 47 of the Directive 2006/43/EC. See for more information Annex B – Explanatory Note of the MMOU.

IFIAR CORE PRINCIPLES
The core principles seek to promote effective independent audit oversight globally, thereby contributing to Members overriding objective of serving the public interest and enhancing investor protection by improving audit quality. IFIAR membership is not dependent on its status in implementing the principles; however members are encouraged to work towards implementing them where appropriate in their own jurisdictions. The main precondition for an effective system of audit oversight and audit regulation is the existence of a well-developed legal and corporate governance framework as to provide necessary support for high quality auditing. The IFIAR Core Principles for Independent Audit Regulators can be downloaded here.

IFIAR CHARTER
The following are key elements from the IFIAR Charter, for a further look into the IFIAR Charter please download the Charter here (effective as of June 7, 2018).

Activities of IFIAR
Sharing knowledge of the audit market environment and practical experience of independent audit regulatory activities with a focus on inspections of auditors and audit firms. Promoting collaboration and consistency in regulatory activity.

Membership of IFIAR
Members must be independent of the profession and engaged in audit regulatory functions in the public interest.

Officers and Board of IFIAR
IFIAR shall have two Officers, a Chair and a Vice Chair. They shall serve two year terms and though not a requirement, Members should give consideration to geographic balance in the election of Officers. The Officers are responsible for, though not limited to, organising and conducting Plenary Meetings, Chairing the meeting, managing communications and relationships with IFIAR Members and outside organisations, developing a Work Plan for the Officers Term and providing leadership on issues relevant to IFIAR.

Transparency and accountability
IFIAR should operate with a high degree of transparency and should engage issue periodic public reports, issue press releases and maintain a website.

Resources and Funding
IFIAR’s activities will be undertaken on a collaborative basis, with Members and Office bearers meeting their own expenses. However, Members will contribute to the funding of the organisational and administrative resources necessary for IFIAR’s ongoing operations.

IFIAR

Established in 2006, the International Forum of Independent Audit Regulators (IFIAR) comprises independent audit regulators from 53 jurisdictions representing Africa, North America, South America, Asia, Oceania, and Europe. Our mission is to serve the public interest, including investors, by enhancing audit oversight globally.